Support The Moscow Times!

Medvedev's Fund Names Advisers

SOCHI — The private equity fund set up by President Dmitry Medvedev appointed an international advisory board that includes Lou Jiwei, chairman of China Investment Corp., and Blackstone Group chief executive Stephen Schwarzman.

Prime Minister Vladimir Putin welcomed the advisers while speaking on a panel at an investment conference in the Black Sea resort of Sochi on Friday. The panel included Leon Black, chief executive of Apollo Global Management, who is also one of the Russia Direct Investment Fund advisers.

Medvedev announced the creation of the fund in January as part of his drive to wean the economy off its dependence on natural resources. Russia relies on energy sales for 17 percent of its gross domestic product, while commodities make up 8 percent of Brazilian GDP, according to government data.

The Russian fund will probably make $500 million of investments outside the resources industry within six months, chief executive Kirill Dmitriyev said by phone Friday.

"To modernize the economy, you need smart capital, you need people who not only provide money, but also give ideas," Dmitriyev said. "Russia is quite focused on attracting long-term capital."

The board will include Bader Al-Saad, managing director of Kuwait Investment Authority, and Choi Chong-suk, chairman of Korea Investment Corp., according to an e-mailed statement from the fund Friday.

Joseph Schull, head of European operations at Warburg Pincus, Apax Partners chief executive Martin Halusa, TPG Capital co-founder David Bonderman and Permira Advisers co-managing partner Kurt Bjorklund will also be on the board, according to the statement.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.